Local Government Act 2019

A council or local government subsidiary borrows money if the council or local government subsidiary obtains any form of financial accommodation.

Examples for section 196

1 The financial accommodation might take the form of an overdraft or a loan of some other kind.

2 If a council or local government subsidiary acquires possession of goods under a hire-purchase agreement, a lease or an instalment purchase arrangement, the council or local government subsidiary is taken to borrow money equivalent to the present value of the future consideration to be paid by the council or local government subsidiary under the agreement, lease or arrangement.